§ 58-8-10. Policyholders are members of mutual companies.
§58‑8‑10. Policyholders are members of mutual companies.
Every person insured by amutual insurance company is a member while that person's policy is in force,entitled to one vote for each policy that person holds, and must be notified ofthe time and place of holding the company's meetings by a written notice or byan imprint upon the back of each policy, receipt, or certificate of renewal, asfollows:
The insured is hereby notified that by virtue of thispolicy the insured is a member of the ______ insurance company, and that theannual meetings of the company are held at its home office on the ______ dayof______, in each year, at ______ o'clock.
The blanks shall be dulyfilled in print and are a sufficient notice. A corporation that becomes amember of a mutual insurance company may authorize any person to represent thecorporation; and this representative has all the rights of an individualmember. A person holding property in trust may insure it in a mutual insurancecompany, and as trustee assume the liability and be entitled to the rights of amember; but is not personally liable upon the contract of insurance. Membersmay vote by proxies, dated and executed within one year after receipt, andreturned and recorded on the books of the company three days or more before themeeting at which they are to be used. (1899, c. 54, s. 33; Rev., s.4739; C.S., s. 6348; 1945, c. 386; 1947, c. 721; 1998‑211, s. 37.1(a).)